It was billed as the moment when shareholders might finally learn the horrible truth about Bumi, the Nat Rothschild-created shell company that gobbled up stakes in a couple of Indonesian coal miners but saw hopes of riches replaced by power struggles and allegations of "financial irregularities".

But the big unveiling of the report from law firm Macfarlanes was a big flop. There is circumstantial evidence to support some of the allegations of wrong-doing at the Indonesian operations, said the board, but it hasn't been possible to substantiate the charges. So the report will stay under wraps for fear of falling foul of Indonesian law. This is unsatisfactory, to put it mildly, given that the sums at stake are said to amount to $1bn (£630m) or so.

The key question, however, is whether the board, in tricky circumstances and with Macfarlanes faced by unco-operative witnesses, could have done anything differently. Probably not. For now, a pledge to "engage" with Indonesian authorities and the UK Serious Fraud Office and to consider civil actions may represent the most practical response.

The main event, though, remains the question of who should lead Bumi – the current board, including senior non-executive Sir Julian Horn-Smith, or a returning Rothschild and his new crew. The non-publication of the Macfarlane report probably won't change any minds. But the next instalment of this saga – the verdict of the takeover panel on why various concert parties among the Indonesians were not revealed on day one – may be more interesting.